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Lending 'must be improved to boost housing market'

Lending 'must be improved to boost housing market'
The government must continue to put pressure on banks to lend to consumers in order to help the UK's property market return to health.

This is according to Brendan Barber, general secretary of the Trades Union Congress, who made his remarks following the release of the Land Registry House Price Index.

Property prices in England and Wales fell in value by an average of 0.1 per cent in August compared with the previous month, the index showed, with the typical cost of a property standing at £155,968.

Mr Barber said: "The government needs to keep putting pressure on banks to lend their customers money to keep the housing market and the wider economy moving."

He added that while around 60,000 homes were being sold each month last year, this figure has declined to around 40,000 at present.

Places where unemployment is becoming more common are among those seeing the most significant falls in property prices, he pointed out.